Indian Prime Minister Narendra Modi is planning to add another $13 billion to boost his country's military budget.

Ria Novosti reports that, "India cleared on Saturday a bulk of defense projects worth $13 billion in a bid to boost the country's national defense preparedness, the Indian Defense Acquisition Council (DAC) said."

India intends to modernize its defense weaponry.

As reported by Ria Novosti, "According to defense ministry sources, the major decisions taken by the Defense Acquisition Council include the construction of six submarines in India at the cost of about Rs 50,000 crore and the purchase of more than 8,000 Israeli anti-tank guided missiles."

Israeli defense contractors are major beneficiaries of increased Indian defense spending.